S.No

CONTENTS

Page No.

(I)

GST Law

1.     Important Due Date Calendar

5-7

2.     Important Notification

• Notification No. 10/2023-Central Tax dated 10.05.2023

8

3.     Section 17 (5) Input Tax Credit shall not be available on certain goods/ services

Provision of Section 17 (5) Input Tax Credit With Case Law

• Case Name: - In re M/s. A.M. Motors

• Case Name: - In In re Indian Cotton Solutions.Com Private

• Limited

• Case Name: - In In re M/s. Musashi Auto Parts Pvt. Ltd.

• Case Name: - In In re Jabalpur Entertainment Complexes Pvt.

• Ltd.

• Case Name: - In In re M/s. Wago private limited

• Case Name: - In In re Tewari Warehousing Co Pvt Ltd

• Case Name: - In In re M/s. Polycab Wires Pvt. Ltd

• Case Name: - In Provisions of sections 74, 129 and 130

9-13

4.     Important Advance Ruling and Judgement

GST AAR Karnataka Case Name:- Godrej Properties Limited :- GST on Infrastructure Development, common amenities & facilities charges at Sale of Plot

GST AAR karnataka Case Name:  White Gold Bullion Private Limited (GST AAR Karnataka):-  GST Liability on Old Gold Jewellery purchased & Sold after melting & HSN Code

HIGH COURT OF DELHI AT NEW DELHI:- Zhudao Infotech Private Limited Vs Principal Additional Director General & Appeal:- Provisional Attachment Under Section 83 of CGST Act For Securing Revenue of Another GST Taxable Person is Unjustified

14-19

II

Income tax Law

5.     PENALTIES UNDER THE INCOME-TAX ACT

• Penalty for default in making payment of Self Assessment Tax
• Penalty for default in making payment of Tax
• Late filing fees for delay in filing the TDS/TCS statement
• Fee for default in furnishing return of income
• Penalty for failure to comply with notice issued under section 142(1) or 143(2) or direction for audit under section 142(2A)
• Penalty for underreporting and misreporting of income
• Underreporting of income
• Penalty for failure to keep, maintain, or retain books of account, documents, etc., as required under section 44AA
• Penalty for failure to keep and maintain information and document etc. in respect of international transaction or specified domestic transaction
• Penalty in case of search
• Penalty for ‘false entry’ in the books of account
• Consequences of default in submission of statement/certificate prescribed under section 35/Section 80G
• Faceless Penalty
• Penalty in case of income from undisclosed sources
• Failure to get accounts audited or furnish a report of audit as required under section 44AB
• Penalty for failure to furnish a report from an accountant as required by section 92E
• Penalty for failure to deduct tax at source
• Penalty for failure to pay tax in respect of winning from lottery or crossword puzzle
• Penalty for failure to collect tax at source
• Taking or accepting certain loans or deposits or specified sum in contravention of provisions of section 269SS
• Penalty on receipt of an amount of Rs. 2 lakh or more in cash
• Penalty for not providing facility for accepting payment through prescribed electronic modes of payment
• Repaying loans or deposits or specified advance in contravention of provisions of section 269T
• Penalty for failure to furnish statement or information or document by an eligible investment fund
• Penalty for failure to file the TDS/TCS return
• Penalty on professionals for furnishing incorrect information in statutory report or certificate